Axcelis Announces Financial Results For Second Quarter 2021

August 4, 2021 at 4:01 PM EDT
The Company Expects 2021 Revenue to Exceed $625M

BEVERLY, Mass., Aug. 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the second quarter ended June 30, 2021.

Highlights for the second quarter are as follows:

  • The Company reported second quarter revenue of $147.3 million, compared to $132.8 million for the first quarter of 2021. This includes quarterly system revenues above $100 million, the first time since 2004.
  • Operating profit for the quarter was $24 million, compared to $20.3 million for the first quarter.
  • Net income for the quarter was $18.9 million, or $0.55 per diluted share, compared to net income of $16.5 million, or $0.48 per diluted share for the first quarter.
  • Gross margin for the quarter was 43.5%, compared to 42.5% in the first quarter.
  • Cash, cash equivalents and restricted cash were $220.5 million on June 30, 2021, compared to $207.5 million on March 31, 2021, after the settlement of stock repurchases of $13.4 million.
  • Shipped multiple high current and high energy Purion™ and legacy implant systems to multiple fab locations for a leading foundry located in China.
  • Shipped multiple Purion M™ Power Series SiC medium current and Purion XE™ Power Series SiC high energy implanters to several leading SiC power device manufacturers located in Asia and Europe.

President and CEO Mary Puma commented, "Axcelis delivered strong second quarter financial performance as a result of overall strength in the semiconductor industry combined with growing demand for our Purion™ implant products, especially in the high growth power device market. The rapid acceleration of the electrification of the automotive industry is creating substantial demand for power devices and image sensors, which is driving sustainable growth for the Purion product extensions specifically developed for these markets. As a result of these market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $625 million in revenue for the full year 2021. The Company is well positioned for strong sustainable growth."

Business Outlook
For the third quarter ending September 30, 2021, Axcelis expects revenues to be approximately $170 million. Gross margin in the third quarter is expected to be approximately 42.5%. Third quarter operating profit is forecasted to be approximately $32 million with earnings per diluted share of approximately $0.70. The Company also expects to exceed $625 million in revenue for the full year 2021.

Second Quarter 2021 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)




Three months ended 


Six months ended





June 30,


June 30,




2021


2020


2021


2020


Revenue:














Product


$

140,156


$

117,194


$

266,765


$

229,327


Services



7,118



5,771



13,285



12,629


Total revenue



147,274



122,965



280,050



241,956


Cost of revenue:














Product



76,688



65,519



147,022



132,691


Services



6,572



5,547



12,579



11,817


Total cost of revenue



83,260



71,066



159,601



144,508


Gross profit



64,014



51,899



120,449



97,448


Operating expenses:














Research and development



16,623



16,040



32,308



30,646


Sales and marketing



12,177



9,437



22,564



17,641


General and administrative



11,217



10,041



21,230



19,077


Total operating expenses



40,017



35,518



76,102



67,364


Income from operations



23,997



16,381



44,347



30,084


Other (expense) income:














Interest income



40



70



73



552


Interest expense



(1,274)



(1,299)



(2,303)



(2,602)


Other, net



(15)



421



(1,168)



(199)


Total other expense



(1,249)



(808)



(3,398)



(2,249)


Income before income taxes



22,748



15,573



40,949



27,835


Income tax provision



3,842



2,271



5,563



3,312


Net income


$

18,906


$

13,302


$

35,386


$

24,523


Net income per share:














Basic


$

0.56


$

0.40


$

1.05


$

0.74


Diluted


$

0.55


$

0.39


$

1.03


$

0.72


Shares used in computing net income per share:














Basic weighted average common shares



33,677



33,116



33,696



32,998


Diluted weighted average common shares



34,311



33,958



34,473



34,023


 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)











June 30,


December 31,




2021


2020


ASSETS








Current assets:








Cash and cash equivalents


$

219,731


$

203,479


Accounts receivable, net



79,544



86,865


Inventories, net



192,321



161,076


Prepaid expenses and other current assets



22,535



19,371


Total current assets



514,131



470,791


Property, plant and equipment, net



30,683



29,840


Operating lease assets



7,626



4,542


Finance lease assets, net



19,889



20,544


Long-term restricted cash



755



753


Deferred income taxes



51,386



57,851


Other assets



36,170



40,303


Total assets


$

660,640


$

624,624


LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








Accounts payable


$

40,695


$

24,013


Accrued compensation



14,906



24,562


Warranty



4,690



4,280


Income taxes



622



654


Deferred revenue



34,112



21,221


Current portion of finance lease obligation



864



756


Other current liabilities



10,585



8,945


Total current liabilities



106,474



84,431


Long-term finance lease obligation



46,923



47,393


Long-term deferred revenue



1,406



1,837


Other long-term liabilities



11,735



9,361


Total liabilities



166,538



143,022










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 33,657 shares issued and
outstanding at June 30, 2021; 33,633 shares issued and outstanding at December 31, 2020



34



34


Additional paid-in capital



561,680



570,102


Accumulated deficit



(70,281)



(91,969)


Accumulated other comprehensive income



2,669



3,435


Total stockholders' equity



494,102



481,602


Total liabilities and stockholders' equity


$

660,640


$

624,624










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SOURCE Axcelis Technologies, Inc.